Money can be a very important fuel to help you meet your basic needs. Learning to improve your relationship with money will help you to continuously grow your wealth through deliberate and sustainable ways.
Everybody wants to make money and enjoy life, but that doesn’t just happen overnight.
People either develop a healthy or an unhealthy relationship with money, which can in turn make or mar them.
In this article, we’ll be taking you through some habits that you need to drop and some that you need to adopt to achieve a truly healthy money relationship.
THINGS YOU NEED TO DROP
The following are some reasons why your relationship with money is unhealthy:
- Spending more than you earn
This is very detrimental because it means you will not be able to save, invest and will most likely be in debt.
- Refusing to talk about money
It is understandable to feel shame when speaking about money. If you can learn to detach such an emotion around money, you will be able to make a sensible short, medium and long term plan for our financial health.
- Feeling guilty when spending
You may constantly save and not spend money as you feel guilty about treating yourself or you always save for that ‘rainy day.’ However an harmonious balance between spending and investing can be established.
You can save a sensible portion, invest with a thoughtful level of risk, and spend money to treat yourself and your loved ones with careful planning.
THINGS YOU NEED TO ADOPT
Some of the steps you can take to achieve a balanced and healthy relationship with money include:
- Set financial goals
You can decide to consistently setting aside a fixed amount of money from your monthly income and you will see how that can make you accountable and give you a sense of discipline on how I deal with money.
When you set financial goals, you will get a sense of direction and purpose in your relationship with money.
- Have a budget
This involves planning on how to spend your money. Knowing where your money is going will help you make better decisions about how to use it and track your spending.
- Save for emergencies
This is building a safety net for an unforeseen future with unexpected expenses. This will help reduce financial stress and give you peace of mind.
- Invest for the future
Growing your money your time will give you financial security and options in the future.
- Avoid debt
Try to avoid getting into unnecessary debt.
Do not buy unnecessary things that you cannot afford. High levels of debt can cause financial stress and make it difficult to achieve your financial goals.
- Be patient
Developing a healthy relationship with money requires time and patience.
Therefore, be kind and patient with yourself as you work towards your financial goals.
- Be grateful for what you have
This will help you to be content with and value what you have, thereby making it less likely for you to engage in impulsive spending.
- Educate yourself
By reading this article, you have taken a step in educating yourself. This will empower you to make informed decisions and take control of your financial future.
One Response
I enjoyed this article and I have learnt and gain as well but my question is how do you save when the jobs are difficult to get here and even if you get the jobs are not sustainable on the sense that consistency on the job is not guaranteed here due to papers and the rest of them. But I all I still safe no matter what but if no job for another one month you start to spend the little you have save, how do one cope in such situations like this?